1.6 M Metric tons of CO2 emissions reduction per year
The equivalent of taking1.1 millionCars off the road Supporting SDG 13: Climate Action
Impact Report 2025
Building momentum for the next phase
Message from our Board and Fund Manager
Across our markets, the need for scalable green investment remains urgent:
• Businesses need reliable power to operate
• Financial institutions need practical solutions for their clients
• Countries need investment that can strengthen local energy systems
This is where GGF continues to play an important role. As a platform for green investment, we support the energy transition were it is needed most. This role has been built over 15 years of climate investment, and our long-term commitment to our markets, our partners, and our investors. In 2025, this commitment was reflected by strong support from our partners and visibility at major events.
At the EU-Western Balkans Investment Forum in Tirana, attended by European Commission President Ursula von der Leyen, the EU invested €20 million in GGF’s C-share class, alongside €4 million in advisory & capacity building support via KfW Development Bank. This support helps us scale climate action across the Western Balkans.
Continued...
Continued...
In Kyiv, during a BMZ ministerial visit, GGF also held signings for two new renewable energy projects to support Ukraine’s green recovery and energy resilience. These moments show the momentum behind the Fund as we enter the next phase. The growth of direct finance allows us to work directly with companies and infrastructure partners where the energy transition is being delivered. The stories in this report show how this evolution is taking shape.
In Ukraine, our investment with GOLDBECK supports local renewable energy generation at a time when energy security is critical.
In Albania, our partnership with Vega Energy is helping to accelerate the delivery of solar infrastructure across the Western Balkans.
In Bosnia and Herzegovina, we are working with our financing partner, MCC Partner, to provide operational support to small family businesses.
In Moldova, our €10 million deal with Microinvest continues to bring green finance to businesses and households.
In Türkiye, we continued to support green infrastructure and energy transition initiatives through direct and indirect investments.
Finance in Motion’s investment expertise and local presence remain central to this progress. We will continue to gain momentum in 2026, supported by the continued trust of our shareholders and partners.
Key Investment Figures
Key Investment Figures
As of Dec 31, 2025
€1.1 B
Assets under management
€1.0 B
Outstanding investment portfolio
€2.4 B
Cumulative volume invested
18
Number of active countries
Key Impact Figures
Key Impact Figures
Figures as of Dec 31, 2025
* Figures are modeled by the Green for Growth Fund based on primary reporting and third-party data
2,100 MWRenewable energy capacity supported
More than2xMoldova’s total installed RE capacitySupporting SDG 7: Affordable and clean energy
2.1MCubic meters of water saved or treated
Enough to meet the annual household water needs of39k+people (figure based on Serbian household water consumption) Supporting SDG 6: Clean water and sanitation
6.1M MWh of energy saved annually
The equivalent of the annual energy consumption of643kEgyptian householdsSupporting SDG 11: Sustainable cities and communities
The energy transition does not need more proof of concept. The technologies work, the demand is there, and the need for action is clear. What is needed now is finance that can scale implementation quickly and effectively. GGF exists to close that gap. We help bring proven solutions to market by mobilizing investment, supporting local financial institutions, and expanding access to reliable and resilient energy. We focus on practical outcomes, turning viable projects into tangible impact. The project examples in this report show how climate finance can accelerate deployment, strengthen resilience, and help deliver the transition at the scale the moment demands.
Simon Gupta (Board Chairperson)
Investment Stories
We directly invest in projects and work with local financial institutions to drive climate action across our regions.
Strengthening Ukraine’s energy resilience
Accelerating solar rollout in the Western Balkans
Helping small businesses power a greener future
For GGF, direct finance is about working closer to where the energy transition is being delivered. From decentralized solar in Ukraine to utility-scale solar capacity across the Western Balkans, we are supporting partners who can turn ambition into operating infrastructure.
Borislav Kostadinov (Fund Director)
Where we invest
Where we invest
Advisory and Capacity Building highlights
GGF’s Advisory and Capacity Building (A&CB) activities managed via the Technical Assistance Facility (TAF) in 2025 focused on helping financial institutions and other partners to set-up and strengthen their sustainability strategies and green finance ambitions.
Among the key priorities was the continued support for Deep Greening initiatives with several partner banks in Egypt, as well as the launch of new Deep Greening projects in other countries of operation. These initiatives support the greening of financial institutions by developing green lending frameworks. building institutional capacity and strengthening environmental and social management systems.
The A&CB work also extended to a number of investments related and enabling projects, as well as initiatives supporting capacity building and sector-wide learning and exchange. The facility supported events across its regions of operation with leading banking or sector organisations, creating platforms to share practical experience on green lending and sustainability integration. Discussions included also supervisory approaches to climate risk, portfolio decarbonization, and evolving ESG reporting requirements These sessions helped connect institutional change with wider market development.
With it’s A&CB GGF is helping financial institutions become stronger engines of climate action and long-term resilience. These initiatives show how advisory support can help shift green finance from policy to practice.
From frameworks to practice
From frameworks to practice
Deep Greening Banks
Supporting banks in Egypt with green lending frameworks and stronger environmental and social systems to advance green finance.
Learning through exchange
Learning through exchange
Building Regional Expertise
Bringing together banks, policymakers, and industry leaders to exchange practical experience on sustainability integration and green lending in regions including Southeast Europe, Egypt and Turkey.
Strengthening financial systems
Strengthening financial systems
Advancing Climate Resilience
Partnering with institutions across Turkey and North Macedonia on climate risk management, decarbonisation, and ESG readiness.
In 2025, the Fund’s Advisory and Capacity Building Facility focused on helping financial institutions turn green finance ambitions into practical action. The Facility managed 158 projects with a total budget of EUR 8.7 million. I would particularly highlight the progress of our Deep Greening support to banks in Egypt and the Green Finance Expert Course, which strengthened the capacity of banking staff from partner financial institutions. These efforts are helping financial institutions become stronger drivers of climate action while enhancing long-term resilience across our target regions. Our Facility is well equipped to deepen this impact in the years ahead.
Reinhold Strauss, Technical Assistance Committee Chairperson
GGF's impact management
Our Investors Include...
Thank you to our investors & donors
European Investment Bank
KfW - German Development Bank
European Union
German Federal Ministry for Economic Cooperation & Development
European Bank for Reconstruction & Development
FMO - Entrepreneurial Development Bank
International Finance Group
Development Bank of Austria
ASN Bank
GLS Bank
Deutsche Bank
Raiffeisen Bank
Information for potential investors
In respect of the United States of America, Canada, Japan or Australia or any other jurisdiction in which the distribution, offer, sale, transfer or resale would be prohibited by applicable law, no investment in notes/shares or other instruments of the Fund (or its sub-fund(s)) can be offered or made.